Kirkland & Ellis advised ArcLight Capital Partners on the deal.
ArcLight Capital Partners, LLC (“ArcLight”) announced that an affiliate has entered into an agreement to sell its interest in Thorntons LLC (“Thorntons”), a prominent convenience and mobility company with over 200 convenience stores in the Midwest and Florida, to its joint venture partner bp. The two parties are targeting closing the transaction no later than the fourth quarter of 2021.
ArcLight is one of the leading energy infrastructure firms. Founded in 2001, the firm helped pioneer an asset-based approach to investing in the energy sector. ArcLight has invested approximately $25 billion in 112 transactions since inception.
Headquartered in Louisville, KY, Thorntons provides a competitive consumer offer and strong business operations. bp intends to build on, and further enhance, this long tradition of providing a distinctive customer experience while creating integrated value across bp’s mobility and convenience and fuels supply businesses.
bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp is America’s largest energy investor since 2005, investing more than $130 billion in the economy and supporting more than 125,000 jobs through its business activities.
The Kirkland team was led by corporate partners Kristin Mendoza (Picture) and David Thompson, tax partners David Wheat and Bill Dong, and antitrust partner Marin Boney.
Law Firms: Kirkland & Ellis;
Clients: ArcLight Capital Partners, LLC;